Existing-home sales rose to a rate of 4.58 million in February, the National Association of Realtors said.
A brief drop in mortgage rates has boosted U.S. home sales, but with economic uncertainty and elevated rates, the recovery may be short-lived.
Single-family home sales in particular are at the highest ever since the NAR began tracking the number since 1999.Compared with February 2021, home sales were still down by 22.6%.It’s the first drop in over a decade. Home price declines in the Northeast and West weighed down the overall number.Expressed in terms of the months-supply metric, there was a 2.6-month supply of homes for sale in February, down from January. Before the pandemic, a four or five-month supply was more the norm.
The South reported a 15.9% increase in sales in February, followed by the Midwest, at 13.5%, and the Northeast by 4%.All-cash transactions made up 28% of all transactions. About 27% of homes were sold to first-time home buyers, a drop from the previous month.Big picture: There’s clearly a ton of pent-up demand in the housing market, as seen by February’s jump in home sales. A dip in mortgage rates may have propelled home buyers to jump on purchasing a home, boosting sales.
What the realtors said: “I’m quite surprised,” Lawrence Yun, chief economist at the National Association of Realtors said. “The recovery is coming stronger, [but] maybe it will deflate again if the mortgage rates get too high… [and] mortgage rates have a very big influence.”
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